STRUKTUR KEPEMILIKAN, STRUKTUR PENGELOLAAN TERHADAP NILAI PERUSAHAAN: KINERJA KEUANGAN SEBAGAI VARIABEL INTERVENING

Abstract

This research is meant to test the influence ownership structure and management structure to the firm value
with the financial performance as the intervening variable. The population of this research is all companies
which are listed in Indonesia Stock Exchange (IDX). The samplesproperty, real estate and building construction
companies which are listed in the IDX in 2011-2014 periods. The samples are 11 companies which have been
selected by purposive sampling. The analysis method has been carried out by using multiple regressions analysis
technique.Based on the result of analysis, it can be concluded that the ownership structure which is proxy by
managerial ownership and institutional ownership, it is managerial ownership which give positive influence to
the financial performance and firm value and the result of ownership structure give influence to the firm value
through financial performance cannot be proven since the result of direct coefficient value is larger. Financial
performance (ROA) give positive influence to the firm value (PBV). Therefore, it can be concluded that the
financial performance cannot mediate between the ownership structure and management structure to the firm
value.
Keywords: Ownership structure, management structure, financial performance, firm value.